Business Services Industry
On the hot seat
Crain's Chicago Business, July, 1998 by Strahler, Steven R.
STEVEN R. STRAHLER For Chicago's futures exchanges, which sprouted with the city itself, this is less a long, hot summer than an uncomfortably short one. After 150 years, the business that shaped - and was shaped by - Chicago's rise as a financial center is coming up fast on a radical makeover.
At risk: big chunks of the nearly 160,000 exchange-related jobs in the South Loop. 'The next six to eight weeks is going to tell the whole tale,' predicts Tony Saliba, managing member of Saliba Partners LLC, a market-making firm on the Chicago Board Options Exchange (CBOE). Other participants aren't quite that alarmed over the timetable for a looming overhaul of the way exchanges are operated, governed - and perhaps owned. Says Chicago Mercantile Exchange Chairman M. Scott...
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